Trusteeship

Freedom Trust Services Ltd is a company fully approved by the Retirement Benefits District of the Revenue Commissioners. Liberty is also approved as a Qualifying Fund Manager for the management of Approved and Minimum Approved Retirement Funds (ARF/AMRF's).

A Trustee is an individual or a company which, alone or jointly, becomes the legal owner of property to be administered for the benefit of someone else (the beneficiaries), in accordance with provisions of the document creating the trust and the provisions of trust law generally and the Pensions Act. Certain schemes, mainly in the public sector, are not set up under trust. In these cases, the Pensions Act includes the administrators of the schemes in its definition of Trustees.Investment managers need to be reviewed regularly to ensure that performance benchmarks are hit and that the suite of investment funds available continues to meet the risk profile of scheme members. Standard Insurance Company Pension Plan scheme documentation will normally automatically appoint the Principal Employer as Trustee of the arrangement.

With the introduction of mandatory Trustee Training with effect from 1st October 2008 it is likely that Companies will no longer want to take on this role because of the requirement for mandatory continuous training for each director of the company. Insurance companies do not provide a trusteeship service to pension schemes but Freedom Trust Services would happy to take on this role for your scheme.